President Donald Trump’s son-in-law has abandoned plans to build a Trump-branded hotel and luxury residences in central Belgrade, Serbia, following widespread protests and the indictment of a senior government official.
Jared Kushner guided the $500 million (€427 million) project through its development stages for more than two years, requiring permission to demolish a former Yugoslav Ministry of Defense building that was heavily damaged during NATO’s 1999 bombing campaign.
On December 15th, the special prosecutor indicted the Serbian Minister of Culture and three other officials in connection with the project. Shortly afterward, Kushner’s private-equity firm, Affinity Partners, announced it was withdrawing from the project. A spokesman for Affinity stated
because meaningful projects should unite rather than divide, and out of respect for the people of Serbia and the city of Belgrade, we are withdrawing our application and stepping aside at this time.
The Serbian government had previously passed two parliamentary measures stripping the site of its protected status, a move protesters called unconstitutional and corrupt. The decision triggered large-scale protests in Belgrade, with thousands marching against the government approving the project.
On Tuesday, December 16th Serbian president Aleksandar Vučić claimed that Kushner’s withdrawal represents a significant loss for the country. He estimated the lost investment at €750 million and blamed protesters and prosecutors for the economic setback.
Vučić added
unfortunately, both as a state and as a people, we are the big losers. We have lost an exceptional investment of at least 750 million euros. The total property and economic damage caused to us by the blockaders [anti-government protesters] and the prosecution is no less than one-and-a-half billion euros, in various ways.
The president further vowed to hold accountable all individuals involved in the “witch hunt” against the investment, signaling possible criminal complaints against protesters, police officers, and prosecutorial staff.
